MUB Options History — January 2026

In January 2026, MUB traded between $107.23 and $107.84. ATM implied volatility averaged 3.8%, placing in the 3.9% IV rank vs the trailing year. The 30-day expected move averaged 1.1%. IV traded above realized volatility by 1.9% (HV 20d: 2.0%). Max pain ranged from $106.00 to $106.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 20 of 20 days. Put/call ratio averaged 42.82.

Notable Days

2026-01-27: Highest Volume — 14,554 contracts
2026-01-23: Largest IV spike — 28.3% change
2026-01-20: Highest IV Rank — 6.1%
2026-01-20: Largest Expected Move — 1.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$107.58	$107.23	$107.84	$107.23	$107.84
Max Pain	$106.00	$106.00	$106.00	$106.00	$106.00
ATM IV	3.8%	3.3%	4.6%	4.0%	3.7%
Expected Move	1.1%	1.0%	1.3%	1.2%	1.1%
HV 20d	2.0%	1.6%	2.3%	1.6%	2.1%
HV 60d	2.3%	2.2%	2.4%	2.3%	2.3%
IV Rank	3.9%	2.3%	6.1%	4.5%	3.6%
IV Percentile	8.1%	1.2%	23.8%	6.7%	7.1%
Term Structure	0.7%	0.2%	1.6%	0.6%	0.8%
VWIV	4.1%	2.6%	5.1%	4.1%	3.5%
Skew 25d	0.6%	-0.4%	2.4%	-0.4%	0.7%
Skew 10d	2.2%	-0.9%	10.8%	-0.7%	0.7%
Call IV 25d	3.7%	2.9%	4.4%	4.0%	3.2%
Put IV 25d	4.3%	3.6%	5.7%	3.6%	3.9%
Bid-Ask Spread %	18.27	8.61	37.44	9.99	11.03
Gamma HHI	0.43	0.22	0.66	0.39	0.55
Net GEX	41.0M	1.7M	79.0M	52.3M	35.0M
Net DEX	-116.7M	-229.8M	-3.0M	-153.7M	-22.8M
Net VEX	-235.1K	-515.3K	-126.5K	-332.4K	-506.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	42.82	0.00	721.75	9.55	1.05
Total Volume	1,196.85	24	14,554	812	178
Total OI	41,270.05	8,267	62,517	60,170	31,056

Daily Data (20 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2026-01-02	$107.23	$106.00	4.0%	1.2%	1.6%	4.5%	4.1%	-0.4%	0.6%	52.3M	-153.7M	-332.4K	9.55	9.99	77	735	29,780	30,390
2026-01-05	$107.31	$106.00	4.2%	1.2%	1.6%	5.0%	4.5%	0.4%	0.8%	59.5M	-169.7M	-292.1K	82.86	17.32	7	580	29,778	31,084
2026-01-06	$107.38	$106.00	3.9%	1.2%	1.6%	4.1%	4.8%	0.5%	1.1%	68.7M	-186.1M	-259.9K	1.06	15.87	68	72	29,779	31,567
2026-01-07	$107.63	$106.00	3.4%	1.2%	1.8%	2.6%	4.3%	0.5%	0.6%	56.1M	-195.5M	-270.4K	0.29	16.96	95	28	29,841	31,639
2026-01-08	$107.52	$106.00	3.3%	1.1%	1.8%	2.3%	5.1%	0.5%	0.7%	62.1M	-195.2M	-250.4K	0.04	17.59	23	1	29,852	31,667
2026-01-09	$107.66	$106.00	3.6%	1.2%	1.8%	3.3%	4.4%	0.2%	0.7%	62.0M	-192.3M	-251.5K	1.81	14.56	16	29	29,851	31,668
2026-01-12	$107.56	$106.00	3.4%	1.0%	1.9%	2.6%	2.6%	0.7%	1.6%	79.0M	-215.0M	-162.0K	11.44	29.32	9	103	29,857	31,697
2026-01-13	$107.59	$106.00	3.6%	1.1%	1.8%	3.3%	3.8%	1.0%	0.6%	75.2M	-217.8M	-157.1K	19.43	19.31	7	136	29,861	31,715
2026-01-14	$107.78	$106.00	3.6%	1.0%	1.9%	3.3%	4.1%	0.5%	1.2%	77.7M	-229.8M	-140.3K	0.14	14.55	157	22	29,866	31,845
2026-01-15	$107.72	$106.00	3.8%	1.1%	1.9%	3.9%	4.0%	0.5%	0.6%	63.9M	-229.3M	-132.3K	0.00	27.44	972	3	29,962	31,857
2026-01-16	$107.59	$106.00	4.0%	1.1%	2.0%	4.3%	4.2%	0.5%	0.5%	36.2M	-227.7M	-126.6K	0.02	11.24	289	5	30,657	31,860
2026-01-20	$107.23	$106.00	4.6%	1.3%	2.3%	6.1%	4.8%	0.8%	0.5%	1.7M	-3.0M	-128.4K	1.31	23.46	105	138	3,885	4,382
2026-01-21	$107.50	$106.00	4.4%	1.3%	2.2%	5.7%	4.5%	0.5%	0.2%	2.5M	-6.3M	-126.5K	0.22	14.72	91	20	3,982	4,410
2026-01-22	$107.50	$106.00	3.4%	1.0%	2.2%	2.6%	3.8%	1.2%	1.2%	2.5M	-6.1M	-129.4K	0.78	30.77	143	112	4,059	4,430
2026-01-23	$107.59	$106.00	4.3%	1.2%	2.1%	5.5%	4.1%	0.0%	0.3%	2.9M	-7.9M	-131.5K	0.82	12.80	22	18	4,182	4,540
2026-01-26	$107.66	$106.00	4.0%	1.2%	2.1%	4.5%	3.9%	0.9%	0.8%	15.0M	-19.4M	-157.6K	3.06	10.72	17	52	9,846	4,540
2026-01-27	$107.73	$106.00	3.3%	1.0%	2.1%	2.4%	3.3%	0.7%	1.1%	17.6M	-18.1M	-148.6K	0.74	37.44	8,342	6,212	9,857	4,581
2026-01-28	$107.81	$106.00	3.9%	1.1%	2.1%	4.0%	3.9%	0.8%	0.5%	26.3M	-24.5M	-483.5K	721.75	8.61	4	2,887	16,908	9,585
2026-01-29	$107.81	$106.00	3.7%	1.1%	2.1%	3.6%	3.7%	2.4%	0.6%	24.2M	-12.9M	-515.3K	0.05	21.81	2,060	102	16,910	12,175
2026-01-30	$107.84	$106.00	3.7%	1.1%	2.1%	3.6%	3.5%	0.7%	0.8%	35.0M	-22.8M	-506.2K	1.05	11.03	87	91	18,855	12,201